Posted:
- Axie Infinity has announced it Origins season 6 will launch in a few weeks.
- While the value of the AXS continued to decline, network-wide accumulation continues.
Popular play-to-earn (P2E) blockchain game Axie Infinity [AXS] has announced a series of updates that will be implemented on the protocol when “Origins Season 6” goes live in a few weeks.
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– New starters
– Card/Rune/Charm balancing and additions
– Game tempo updatesTo read the full details, read the blog post at the end of this thread.
Let’s dive in???? pic.twitter.com/SO6Djqfqel
— Axie Infinity (@AxieInfinity) September 22, 2023
Realistic or not, here is the market cap of AXS in terms of BTC
Some updates aimed at improving overall gameplay include new card mechanics, balancing changes to cards, runes, charms, and game pacing.
According to the blog post with the announcement, the new card mechanics will add new strategies and complexity, while the balance changes will aim to make the game more competitive.
In terms of pacing, the changes made will make the game more enjoyable for players of all levels.
Axie’s fast race to the bottom
Axie Infinity is notorious for its stream of updates, which have been released since the beginning of the year. However, these still have a lot to do to retain active users on the gaming platform, data shows activeplayer.io revealed a steady decline in the monthly number of active gamers on the P2E game.
Data from activeplayer.io shows that the average number of monthly players on the P2E platform has fallen from a peak of 2.70 million players in February 2022 to less than 500,000 players in August 2023.
In the last 30 days, 348,117 users visited Axie Infinity, bringing the monthly player count year-to-date (YTD) down to 19%.
The decline in active users for Axie is mirrored by a decline in monthly sales volume for its Axies NFTs. According to data from CryptoSlamtotal monthly sales of these digital collectibles have fallen by more than 50% since January.
Source: CryptoSlam
For context, in January the number of Axies NFTs sold was $3.52 million. By the end of August this had fallen to $1.74 million. So far this month, Axies NFTs worth $1.22 million have been sold.
Accumulation continues, but at what cost?
At the time of writing, the governance token AXS was exchanging hands at $4.45. Due to a steady decline in interest in Axie Infinity, the token has lost 25% of its value since the beginning of the year.
Despite the price drop, players and investors across the gaming ecosystem continue to accumulate the altcoin, according to the Mean Coin Age metric. This SantimenThe statistic tracks the average age of all coins/tokens on the blockchain.
How much is 1, 10 or 100 AXS worth today?
When an asset’s Mean Coin Age increases, it indicates network-wide accumulation and less movement between addresses. Information from the data provider shows that AXS’s Mean Coin Age has increased by 51% over the past year.
This increase has occurred despite the token’s plummeting MVRV ratio, indicating that many of these investors were holding their AXS below their cost basis at the time of writing.
Source: Santiment